25. 5. 2024

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Key Trends in Fashion Industry [Infographic]

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Overview
Global clothing business generated over US$1.5 trillion in revenue in 2021.
According to estimates, the global fashion sector is worth $3 trillion overall.
In US, sales of women’s apparel totaled $132.7 billion and revenue from men’s apparel was $76.5 billion
48% of Americans don’t want to be photographed in the same outfit twice.
67% of fashion executives expect retail prices to increase in 2022 by an average of 3.2 percent.
54% of Americans think “fast-fashion” is going out of style
Gen Z and Millennial Fashion
One of the top three categories in which Millennials indulge or splurge is fashion.
52% of teens say Amazon is their number one favorite e-commerce site. Fast-fashion clothing site SHEIN is in second place.
By 2025, Gen Z and Millennial social media users will make up 62% of all social commerce purchases globally, driving the expansion in the sector.
92% of Gen Z consumers use discount codes when shopping online.
Nike is the number one apparel brand for teens, and LULU is gaining rapidly in popularity.
40% of Gen Z consumers—more than twice as many as Gen X and Baby Boomers—have bought used clothes, shoes, or accessories.
Gen Z comprises the largest generation of consumers globally, amounting to 40% of the total
Fashion brands Crocs, PacSun, Hey Dude, Zara, SHEIN, and Gymshark were gaining mindshare with teens in 2021
There was a 7.7% increase in fashion sales and 8.4% increase in total order value among Gen Z consumers
60% of consumers under 30 years old say they make “no distinction between the clothes they wear in-office or outside of work hours.”

92% of Gen Z consumers use discount codes when shopping online.
Nike is the number one apparel brand for teens, and LULU is gaining rapidly in popularity.
40% of Gen Z consumers—more than twice as many as Gen X and Baby Boomers—have bought used clothes, shoes, or accessories.
Gen Z comprises the largest generation of consumers globally, amounting to 40% of the total
Fashion brands Crocs, PacSun, Hey Dude, Zara, SHEIN, and Gymshark were gaining mindshare with teens in 2021
There was a 7.7% increase in fashion sales and 8.4% increase in total order value among Gen Z consumers
60% of consumers under 30 years old say they make “no distinction between the clothes they wear in-office or outside of work hours.”

E-commerce Fashion and Clothing Trends
30% of all clothes and footwear sales worldwide come from e-commerce, up from 19% in 2019.
47.5% of clothing sales will be via e-commerce by 2024
50% of insiders in the apparel industry think COVID-19 has accelerated their companies’ digital transformation.
Retailers that offer BOPIS option saw a 2x growth rate over the last two weeks of the holiday season as opposed to retailers who don’t offer this option
E-commerce accounted for 28% of total worldwide clothes and footwear sales in terms of value in December 2020.
Despite a fall in overall apparel and footwear sales in 2020, clothing, accessories, and footwear as a whole contributed to a 19% increase in overall e-commerce sales in the USA
Business Casual Clothing
In their post-pandemic professional attire, 84% of women will choose for more flats than heels.
40% of males said they’ll wear fewer suits at work after COVID.
76% of workers think that more informal attire at work strengthens relationships amongst coworkers.
31% of customers say they would rather accept a 10% income reduction than have to get ready for work every day.
According to 50% of senior office managers, employees now dress less formally than they did five years ago.
Senior office managers believe that 47% of their staff members are dressed “too informally” for the workplace. 32% feel that workers displayed “too much skin.”
Athleisure, Workleisure and Comfortable Clothing Fashion
More customers than before the epidemic, 69%, say they wear comfortable clothing more often.
Consumers ranked comfort as their top consideration while selecting clothing at 96%.
Elastic-waist pants are something that 47% of women said they’ll include in their return-to-work outfits.
Between 2021 and 2022, sales of men’s “performance pants” climbed by more than 180%.
According to 41% of Americans, athletic attire is fashionable. (48%) believe it is sloppy.
84% of respondents anticipate that wearing casual clothing at work will increase.
Black Friday and Holiday Sales
78% of consumers predict that inflation will significantly or somewhat affect their holiday buying intentions for 2022.
Retail sales from November to December 2021 increased over 2020 by 14.1%, to $886.7 billion.
Compared to Black Friday, 35% of clothing companies provided better bargains on Cyber Monday.
Men’s Skin Care and Personal Care
The market for men’s shave care products is estimated to rise to $5.9 billion by 2026
The U.S. market for men’s skin care products is estimated to be $3.4 billion in 2021
China’s market for men’s skin care products is predicted to grow to $3.3 billion by 2026
Digital Fashion Statistics
According to 32% of fashion executives, digital represents the industry’s greatest future development possibility.
The internet fashion market is estimated to be worth $31 billion by DressX, a digital selling platform.
In 2023, it is predicted that social media platforms would receive $517 billion in global digital advertising spending.
https://www.modernfellows.com/stats/

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